Wheat export pace bearish

Market Line December 8, 2009 Wheat futures were lower Monday. Weekly export inspections for wheat were below the low end of trade expectations at 12.9 million bushels. Brian Hoops of Midwest Market Solutions says that’s what weighed on wheat futures.

Hoops: “We did have a declining dollar which normally supports our wheat but the soft export inspections left us with lower prices here.”

Traders are also starting to look ahead to USDA’s December supply and demand report coming out Thursday morning. The expectation is that U.S. all-wheat ending stocks will be unchanged to slightly higher than last months projection.

On Monday Chicago March wheat was down a dime at 5-48. March corn down 4 ¾ cents at 3-83 ¾.

The artic chill and winds with lack of snow cover has raised concerns about winter kill in winter wheat in the Pacific Northwest but Portland prices didn’t reflect that concern Monday. Portland soft white wheat steady to down two cents at mostly 5-05. Club wheat premium $3. HRW 11.5 % protein ten to 12 cents lower at 5-67. No Portland dark northern spring wheat bids. No Portland barley bids.

Live cattle futures were higher Monday, feeder contracts lower. Snow and cold in the Plains was cited as supporting live cattle, overcoming concerns about beef demand. Lack of fund buying was said to hurt feeders. Feb live cattle up a dime at 83-30. January feeders down 50 at 92-85. January Class III milk down a dime at 14-44.

I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network.

Now this.